CCAN

RICHMOND, VA — Today, Florida-based electric utility NextEra Energy and Dominion Energy submitted a merger application to the State Corporation Commission (SCC). Following the acquisition, NextEra would become the largest regulated electric utility monopoly in the United States, serving roughly 10 million customers across Florida, Virginia, North Carolina, and South Carolina.

Chesapeake Climate Action Network (CCAN) called on the Virginia State Corporation Commission and federal regulators to reject NextEra Energy’s proposed $67 billion acquisition of Dominion Energy, warning that the deal isn’t really about serving Virginia families — it’s about seizing control of the largest concentration of AI data centers on Earth, and locking residential ratepayers in as the guarantors of that buildout.

“A transaction of this size doesn’t just combine two balance sheets — it combines two risk profiles into one, at a scale no regulator has ever had to govern before,” said Victoria Higgins, CCAN’s Virginia Director. “And NextEra’s risk profile isn’t hypothetical. It’s a $150 million political scandal. It’s funding fake candidates to spoil elections. It’s a decade of rate hikes in Florida. Even more troublingly, NextEra has made clear this deal is all about seizing control of the AI data center boom. Already, Virginians are being asked to bankroll the wealthiest companies in the world. Now, we are being asked to trust the largest utility monopoly in the world in serving those corporate interests. None of this is for the purpose of benefiting Virginia families.”

NextEra has a history of prioritizing corporate profit and increasing energy bills. NextEra’s Florida utility, Florida Power & Light, retained 27.4% of its $18.26 billion in 2024 revenue as corporate profit — nearly double the roughly 14.6% industry average — while implementing a $6.9 billion rate increase. The $2.25 billion in temporary bill credits NextEra is dangling to win over Virginia, North Carolina, and South Carolina regulators is a one-time payment, not a structural protection— and it comes from a company projecting roughly 11% annual growth in infrastructure spending through 2035, costs that are passed off – with interest – to Virginia customers.

NextEra brings a documented record of steamrolling anyone who slows it down. The company just agreed to pay $150 million to settle a shareholder lawsuit over its role in Florida political schemes, including funding secret “ghost” candidates to defeat lawmakers who challenged the utility and surveilling a journalist covering the company. 

#   #   #

Chesapeake Climate Action Network is the first grassroots organization dedicated exclusively to raising awareness about the impacts and solutions associated with global warming in the Chesapeake Bay region. Founded in 2002, CCAN has been at the center of the fight for clean energy and wise climate policy in Maryland, Virginia, and Washington, DC.

The post NextEra-Dominion Merger Is Designed to Speed-Run the Data Center Boom — With Virginians Guaranteeing the Bill appeared first on Chesapeake Climate Action Network.